Increasing the production of Al Taweelah alumina refinery to 1.15 million tons during the first half
5.9 billion dirhams, net profit of "Emirates Aluminum" in 6 months
Cast aluminum sales are up 11%.
From the source
Abdul Nasser bin Kalban: “We were able to improve our operational performance along the value chain, from mining to logistics.”
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Yesterday, Emirates Global Aluminium announced its profits during the first half of this year, which reached its highest levels, with net profits amounting to about 5.9 billion dirhams, compared to 1.7 billion dirhams achieved by the company in the same period in 2021.
The company stated in a statement that the net profit during the first six months of 2022 exceeded the net profit achieved in the whole of 2021, which was a record for the company in itself.
Adjusted earnings before interest, taxes, depreciation and amortization amounted to 7.6 billion dirhams during the first half of 2022, compared to 3.5 billion dirhams in the same period last year.
Cast aluminum sales increased by 11%, reaching 1.31 million tons, compared to 1.18 million tons during the first half of 2021.
Emirates Global Aluminium has implemented plans to improve production and meet logistical challenges at the global level, and has provided its products to more than 400 customers in more than 50 countries.
Sales of value-added products or “high-quality aluminum” increased by 5%, reaching 1.07 million tons, compared to 1.02 million tons during the first half of 2021.
Sales of "high-quality aluminum" amounted to 82% of total sales, compared to 86%, during the first half of 2021, as a result of the company's focus on improving the percentage of profits before interest, taxes, depreciation and depreciation from sales, in light of the large fluctuations in the prices of alloys.
The aluminum sector’s profit margin from the company’s operations before interest, taxes, depreciation and amortization amounted to 41%, compared to 32% during the first half of last year, ahead of the leading international companies in the same sector.
The production of Al Taweelah alumina refinery increased to 1.15 million tons, compared to 1.09 million tons, during the first half of 2021, despite the suspension of periodic maintenance operations.
EGA's alumina refinery provided 45% of the company's alumina needs during this period.
In addition, bauxite ore exports from Guinea increased by 11%, reaching 6.49 million tons, compared to 5.85 million tons during the first half of 2021.
Abdul Nasser bin Kalban, CEO of Emirates Global Aluminium, said: “After our outstanding performance during 2021, we can deliver the best, and we have been able to improve our operational performance along the value chain, from mining to logistics.”
He added, "The net profit during the first half of this year exceeded the net profit for the entire previous year, due to our performance, which enabled us to benefit from market conditions."
In turn, Chief Financial Officer of Emirates Global Aluminium, Zuhair Al Rajaraji, said: “Our success reflects the efforts we have made to enhance financial flows, in light of good market conditions, which contributed to achieving great returns for our shareholders, and distributing interim cash dividends of $600 million, in addition to To strengthen our financial position for the future phase of the institutional journey.”
pay off debts
EGA repaid 2.9 billion dirhams of the principal corporate loan early after the end of the first half of 2022. Since January 2021, the company has paid 6.5 billion dirhams of debt ahead of its due date, and has repaid 968 million dirhams in accordance with scheduled payments.
The company distributed interim cash dividends of 2.2 billion dirhams to shareholders after the end of the first half of this year.
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